XXXX vs. MUU

Last updated Jul 15, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - XXXX tracks the S&P 500 Index (400%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, XXXX returned 52.03% vs 3397.63% for MUU. A 0.53 correlation means they provide meaningful diversification when combined. XXXX charges 2.95%/yr vs 1.01%/yr for MUU.

Performance

XXXX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XXXX achieves a 23.78% return, which is significantly lower than MUU's 640.02% return.

XXXX

• 1D: 1.77%
• 1M: 4.14%
• 6M: 16.57%
• YTD: 23.78%
• 1Y: 52.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 9.50%
• 1M: -10.60%
• 6M: 441.55%
• YTD: 640.02%
• 1Y: 3,397.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XXXX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	23.78%	17.36%	-1.50%
MUU Direxion Daily MU Bull 2X Shares	640.02%	599.03%	-40.91%

Correlation

The correlation between XXXX and MUU is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.53

The correlation between XXXX and MUU has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.

Return for Risk

XXXX vs. MUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XXXX

XXXX Risk / Return Rank: 36
XXXX Sharpe Ratio Rank: 35
XXXX Sortino Ratio Rank: 35
XXXX Omega Ratio Rank: 37
XXXX Calmar Ratio Rank: 34
XXXX Martin Ratio Rank: 40

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XXXX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and Direxion Daily MU Bull 2X Shares (MUU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XXXX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.05	29.47	-28.42
Sortino ratio: Return per unit of downside risk	1.57	5.90	-4.33
Omega ratio: Gain probability vs. loss probability	1.20	1.73	-0.53
Calmar ratio: Return relative to maximum drawdown	1.40	81.19	-79.78
Martin ratio: Return relative to average drawdown	5.06	269.76	-264.70

XXXX vs. MUU - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.05, which is lower than the MUU Sharpe Ratio of 29.47. The chart below compares the historical Sharpe Ratios of XXXX and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XXXX vs. MUU - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for XXXX and MUU.

Drawdown Indicators

	XXXX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-75.07%	+12.80%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-52.72%	+15.47%
Current Drawdown Current decline from peak	-7.04%	-30.27%	+23.23%
Average Drawdown Average peak-to-trough decline	-11.52%	-23.44%	+11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.31%	16.68%	-6.37%

Volatility

XXXX vs. MUU - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 15.22%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.96%. This indicates that XXXX experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.22%	67.96%	-52.74%
Volatility (6M) Calculated over the trailing 6-month period	39.72%	115.39%	-75.67%
Volatility (1Y) Calculated over the trailing 1-year period	49.66%	145.68%	-96.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.81%	138.08%	-77.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.81%	138.08%	-77.27%

XXXX vs. MUU - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

XXXX vs. MUU - Dividend Comparison

XXXX has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and MUU in my portfolio?

XXXX and MUU have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or MUU?

MUU has higher volatility (67.96%) compared to XXXX (15.22%). In terms of maximum drawdown, XXXX dropped -62.27% vs MUU's -75.07%.

Which ETF is better, XXXX or MUU?

On 1-year performance, MUU leads with 3397.63% vs 52.03% for XXXX. On fees, MUU is cheaper at 1.01% per year. On volatility, XXXX has been the lower-risk option at 15.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or MUU?

Over the 1-year period, MUU has performed better with a 3397.63% return vs 52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 2.95% for XXXX.

Which ETF pays a higher dividend yield, XXXX or MUU?

MUU has the higher dividend yield at 0.64%, compared with 0.00% for XXXX.

What is the main difference between XXXX and MUU?

XXXX tracks S&P 500 Index (400%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: Max and Direxion. Their fees differ too: 2.95% for XXXX and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (29.47 vs 1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.